Sparky,
it is not the Chinese housewife that is the main story in the gold market,even though the retail market does give us all quick temperature check of the general state of the market.
The big deal is the wholesale market, where sovereign nation purchases are sucking COMEX dry. London is seeing the stock depletion too. The only real question is 'When will COMEX produce its first delivery default?'
When that happens, all faith in the USA's reliability and good faith in the PM market will have evaporated. The German repatriation of 350 tons over seven years means 50 tons per year. 50 tons + is what Dubai imported last month compared to the whole of 2012.
So whey does the Fed need 7 years to repatriate to Germany what Dubai sucks up in one month?
It makes you wonder doesn't it?
I think COMEX is in danger territory as national eastern central banks are continuing to stand for delivery. The lower the Fed orchestrates a JPM smash, the more the East stands for delivery.
'Something's Gotta Give.' Be on eth right side when it happens.
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